NY Man Pleads Guilty in $20 Million SIM Swap Theft
Summary: Nicholas Truglia, 24, pleaded guilty in a New York federal court to conspiracy to commit wire fraud for letting a friend use his Binance account in 2018 to launder more than $20 million in cryptocurrency stolen from investor Michael Terpin via SIM swap. Truglia was part of a group alleged to have stolen more than $100 million from cryptocurrency investors through fraudulent SIM swaps, and faces up to 20 years in prison at sentencing scheduled for April 2022.
Key Takeaway: A $75.8 million civil judgment and a criminal indictment still produced a plea to a single minor count, which Terpin called out as inadequate for a theft he puts at $24 million - and the same crew's alleged co-conspirator, Ellis Pinsky, has reportedly run out of money for his own defense.
Read the original at Krebs on Security ↗
- Topics
- Fraud & Scams
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